Hi Ken,
For every tactic there are possible negative issues. However, in the case of a flooded first stage that was a worry for me. Thankfully, that has not manifested itself in my experience--not once. I do check me redundant system underwater and I either put the pony/sling reg in my mouth and take a drag, or I burp it while clipped to my BC.
My instructor for Tech 40/solo and I discussed this and he said that he has not had a problem with that.
How often have you had this issue?
My pony/sling reg has never had evidence of salt water intrusion discovered during overhaul.
Perfection is not obtainable. Life is a gamble. I am rolling the dice with my pony valve off.
markm